Our Terms & Conditions | Our Privacy Policy
World Bank Commits to Support Sri Lanka’s Economic Recovery and Growth
The World Bank has announced that it is providing renewed development project assistance to Sri Lanka, focusing on supporting the country’s economic recovery through initiatives aimed at improving economic governance, enhancing growth and competitiveness.
It is aimed at protecting vulnerable populations, particularly by providing funding for projects related to the financial sector and primary healthcare systems.
It has pledged $200 million to finance three major projects in Sri Lanka over the next three months, reaffirming its commitment to the country’s economic recovery and long-term development.
During a two-day visit, World Bank Vice President for South Asia, Martin Raiser, met with President Anura Kumara Dissanayake, Prime Minister Harini Amarasuriya, and other key stakeholders to discuss Sri Lanka’s development priorities and strategies for sustainable growth.
Raiser expressed his gratitude for engaging with the new government and private sector stakeholders, highlighting the potential to foster growth and create jobs. Discussions emphasized poverty reduction, digital transformation, and the Clean Sri Lanka initiative.
The three planned projects will support rural development, improve education, and establish a facility to attract private investment in renewable energy.
Earlier, on December 4, 2024, World Bank Executive Director Parameswaran Iyer met President Dissanayake to discuss ongoing projects and align them with government priorities.
Iyer confirmed that all existing World Bank initiatives would continue without interruption and announced the formation of an advisory group to focus on agriculture, fisheries, tourism, education, and health.
Martin Raiser stressed the importance of aligning World Bank assistance with Sri Lanka’s goals of reducing poverty, enhancing sustainability, and driving digital transformation.
He also discussed medium-term priorities such as boosting tourism, developing lagging regions in the North, improving logistics, enhancing service delivery, and equipping the workforce with skills for a rapidly evolving labor market.
Maintaining macroeconomic stability, improving governance, and attracting private sector investment were identified as essential to increasing incomes and creating jobs. Raiser highlighted significant opportunities in tourism, logistics, agricultural value chains, renewable energy, and the digital economy, while emphasizing the need to enhance the business environment to attract foreign direct investment.
Looking ahead, the World Bank’s engagement with Sri Lanka will be outlined in the mid-term review of the Country Partnership Framework (CPF), which is scheduled for completion in six months. This updated framework will integrate the government’s priorities and serve as a roadmap for continued collaboration.
Raiser concluded his visit by reaffirming the World Bank’s readiness to support Sri Lanka’s transition from recovery to sustained, inclusive growth. He emphasized the importance of collaboration between the public and private sectors to unlock the country’s full economic potential.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Comments are closed.